Between 2017 and 2027, the value of the surge protection device market is anticipated to increase at a CAGR of 7.8%.
A surge-protected device or appliance is designed to shield electrical equipment against voltage peaks. In order to reduce the power supplied to electrical equipment, a surge protector either shorts to the ground or blocks any incorrect voltages that are higher than what is allowed.
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Global Surge Protection Devices Market: Dynamics
The global market for surge protection devices is expanding as a result of rising demand for surge arresters in locomotive applications and greater emphasis on reducing lightning’s harmful effects. However, a lack of component-level testing and a drawn-out warranty claim process is preventing the worldwide surge protection devices market from growing in terms of revenue over the anticipated timeframe.
Global Surge Protection Devices Market: Key Players
Some of the top companies identified across the surge protection devices value chain are
- Eaton Corporation,
- Schneider- Electric. Co,
- Siemens AG,
- ABB Group,
- General Electric,
- Emerson Electric Co.,
- Littelfuse, Inc.,
- Koninklijke Philips N.V,
- Rockwell Automation, Inc., and
- Honeywell International Inc.
Key players are introducing technologically advanced surge protector devices that can be deployed in various applications such as residential, commercial, and industrial and this factor is boosting the growth of the surge protection devices market globally.
Global Surge Protection Devices Market: Forecast by Type
The global surge protection devices market is categorized based on type, end-user, and region. Based on type, the market is segmented as type 1, type 2, and type 3. The type 2 segment is anticipated to register the highest CAGR of 8.4% during the forecast period. While type 1 is anticipated to register a moderate CAGR of 7.1% with a market share of 32.9% in 2017.
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Market Taxonomy
By Type:
- Type 1
- Type 2
- Type 3
By End-User:
- Industrial
- Commercial
- Residential
Key Regions covered:
- North America
- The U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- France
- The U.K.
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- APEX
- China
- India
- Australia & New Zealand
- ASIAN
- Rest of APAC
- Japan
- META
- GCC Countries
- Turkey
- South Africa
- North Africa
- Rest of MEA
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Future Market Insights (FMI), a leading ESCOMAR certified market research and consulting firm, has recently published an in-depth report on the Surge Protection Devices Market. The report delves into the top regions contributing to market growth, key players with their respective market shares, driving factors behind the surge in demand for these devices, and the challenges faced by the global market. With detailed insights and actionable recommendations, this report aims to provide valuable guidance to businesses and stakeholders operating in the surge protection devices industry.
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